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Schumpeter Reincarnate


Joined: 24 May 2008
Posts: 218827

Re: Discussion on Franklin Bank, SSB
PostPosted: Sun May 25, 2008 3:01 am Reply with quoteBack to top

http://ml-implode.com/imploded.....11-07.html
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stlouie
Flash in the pan


Joined: 18 Dec 2007
Posts: 81

Re: Discussion on Franklin Bank, SSB
PostPosted: Thu May 29, 2008 5:10 pm Reply with quoteBack to top

Not too surprising, they had a reputation as fraud merchants and senior management was known to always be on the look for kickbacks, see ya
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bcoen
Dud?


Joined: 01 Jan 1970
Posts: 8

Really?
PostPosted: Thu May 29, 2008 5:31 pm Reply with quoteBack to top

I had never heard that? Which senior managers were on the prowl for kickbacks?
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truehollywood
Nitroglycerin


Joined: 24 Jan 2008
Posts: 755
Location: CA

Re: Discussion on Franklin Bank, SSB
PostPosted: Tue Jul 15, 2008 12:08 am Reply with quoteBack to top

Lew Ranieri, the co-inventor of the MBS, believes the mortgage industry can cut through its portfolio of troubled loans by aggressively reducing the principal amount owed on delinquent loans. Speaking at an FDIC meeting on Tuesday, Mr. Ranieri noted that "cutting the principal is better than putting the loan in foreclosure," adding that in a foreclosure "the costs can eat up the principal in a hurry." Because of his long history and expertise in the mortgage industry Mr. Ranieri has the ear of several regulators…
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truehollywood
Nitroglycerin


Joined: 24 Jan 2008
Posts: 755
Location: CA

Re: Discussion on Franklin Bank, SSB
PostPosted: Wed Jul 30, 2008 12:27 pm Reply with quoteBack to top

Franklin Bank Corp. on Tuesday said it had been notified by the NASDAQ stock market on July 23 that it no longer met listing requirements because its share price had been below the required minimum price of $1 for 30 consecutive days.

Houston-based Franklin has until Jan. 20, 2009, to regain compliance. In the meantime the company’s shares will continue to be listed on the NASDAQ under the ticker symbol FBTX.

In May, Franklin chief executive Anthony Nocella resigned in the wake of an internal investigation that uncovered numerous accounting errors related to the bank’s residential mortgages and construction lending.

Lewis Ranieri, Franklin chairman, filled in as CEO until the appointment in late June of Andy Black, president and chief operating officer of the Houston bank holding company’s Franklin Bank operating subsidiary, as interim chief executive.

Franklin Bank Corp. shares closed up 6 cents Tuesday at 62 cents.
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bcoen
Dud?


Joined: 01 Jan 1970
Posts: 8

FDIC should be stepping in anyday now...
PostPosted: Wed Oct 29, 2008 8:35 pm Reply with quoteBack to top

Stock price at $.14 down 45% today...I would expect the FDIC to step in very soon.

In my opinion, the management of Franklin is the worst around...especially Sharon Koehl.
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